Big Oil CEOs To Face Lawmakers

May 9, 2011 | Posted by: roboblogger | Full story: WTOV9

The oil execs are coming to Washington. And that means the long-running battle between Democrats, Republicans and oil companies over tax breaks will intensify on Thursday when industry leaders face questions from the Senate Finance Committee.

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Frank Lee Plain

Sugar Land, TX

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#71
May 13, 2011
 

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TTony2011 wrote:
<quoted text>
Tax dollar are not going to the oil companies. Oil companies are not subsidized by the Government. The liberal weenies won't let the oil companies drill and therefore you have high gas prices and high unemployment. I don't know nor do I care where you get this nonsense that the TP is funding the oil companies but I suspect you must be reading the posts of these Hacks on the forum who call themselves ex-marines and such. Garbage in, Garbage out. Liberal, Soros owned anti American HACKS.
1. Technically, you're right that the oil companies are getting tax breaks rahter than recieving money from the government, but these are de facto subsidies. The distinction between a tax break and a subsidy is purely technical:

"But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process."
http://www.nytimes.com/2010/07/04/business/04...

2. I agree that liberals are unrealistic in their desire to stop oil production, but please note domestic oil production has increased under the Obama administration:

"US oil production last year rose to its highest level in almost a decade, thanks to an increase in the use of “unconventional” extraction techniques.

As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is on track to increase domestic production by 25 per cent by the second half of the decade."
www.ft.com/cms/s/0/8698ae80-4503-11e0-80e7-00...

Since: Nov 08

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#72
May 13, 2011
 

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GunnySteve wrote:
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Wrong, again and as usual, retard.
http://www.nytimes.com/2010/07/04/business/04...
<quoted text>
Wrong, again and as usual, retard.
http://green.blogs.nytimes.com/2011/04/22/sau...
<quoted text>
Wrong, again and as usual, retard.
http://www.energynow.com/energypanel/2011/05/...
As always, Lie Spambo, you offer up nothing but bullsh*t-laden drivel and 100% pure opinion, neither backed up nor supported by any credible source information whatsoever.
As always, your babble is nothing but the delusional, spam-littered, Glenn Beck-spawned nonsense that fills the toilet on your shoulders.
And it's easier to prove you wrong than it is to prove that water is wet.
Posting left wing propagand sites won't change the facts, corporal Klingon..........from uranus........try some 409 on your gerbil.

Since: Nov 08

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#73
May 13, 2011
 

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Frank Lee Plain wrote:
<quoted text>
1. Technically, you're right that the oil companies are getting tax breaks rahter than recieving money from the government, but these are de facto subsidies. The distinction between a tax break and a subsidy is purely technical:
"But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process."
http://www.nytimes.com/2010/07/04/business/04...
2. I agree that liberals are unrealistic in their desire to stop oil production, but please note domestic oil production has increased under the Obama administration:
"US oil production last year rose to its highest level in almost a decade, thanks to an increase in the use of “unconventional” extraction techniques.
As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is on track to increase domestic production by 25 per cent by the second half of the decade."
www.ft.com/cms/s/0/8698ae80-4503-11e0-80e7-00...
spin is spin..........the fact speak for themselves.

Since: Nov 08

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#74
May 13, 2011
 

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Don Joe wrote:
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Tax dollars not going to the oil companies??? Can I have just 10% of those tax dollars not going to the oil companies. I could retire next week.
Why do you wish to promote a lie and show the world how stupid the left is.
KeepGitmoOpen

United States

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#77
May 13, 2011
 
nothing more permanent than a temporary government program
1932 fed gas tax...
As finally approved, Section 617(a) of the Revenue Act of 1932 (1) imposed a federal tax on gasoline sold by a producer or importer at the rate of one cent per gallon. Under Section 617(c) of this legislation, the term "producer" included a "refiner, compounder, or blender, and a dealer selling gasoline exclusively to producers of gasoline, as well as a producer." Gasoline was defined to include gasoline, benzol, and any other liquids used primarily as a fuel to propel motor vehicles, motor boats, or airplanes. Section 629 of this Act made this tax effective on June 21, 1932, for a temporary period, with provision for its end just over a year later on June 30, 1933. The Annual Report of the Commissioner of Internal Revenue for fiscal year 1933, reported that the federal government derived $124.9 million from the excise tax on gasoline. Thus, the gasoline tax represented 7.7 percent of the total Internal Revenue collection of $1.620 billion derived from all sources during fiscal year 1933.

http://www.gaspricewatch.com/usgastaxes.asp

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